Racing New South Wales have announced the introduction of a new race known as The Everest that will be held at Royal Randwick during the 2017 Spring Racing Carnival.
The Everest will be worth $10 million in prizemoney and the majority of that figure will be funded by the entry fee of $600,000 – with the format of the race similar to that of the $12 million Pegasus World Cup that was held in the United States on the weekend.
The $10 million prizemoney means that The Everest will leapfrog the Melbourne Cup as Australia’s richest race and will be the richest turf-race in the world.
Racing New South Wales CEO Peter V’landys said that he is hopeful that The Everest will draw the best sprinters from right around the world and he revealed that the race will be run for at least three years.
Like any announcement in the racing industry, The Everest received mixed reviews on social media and came under fire from veteran Hong Kong-based racing journalist Alan Aitken.
“Utterly stupid concept,” Aitken posted on Twitter.
“Only a moron can like the $10 mill sweep stake idea.
“Yes they had one in the United States, but they also voted Trump in.
“I know Sydney struggles for field sizes at times but this is extreme.”
The field will have a maximum of 12 runners and purchasers will have to commit to a 3 year arrangement paying $600,000 each year, but this entry can be leased or on-sold to others wanting to race in the event.
The Everest will be held on the same day as the Ladbrokes Caulfield Guineas Day in Melbourne and the race is likely to draw at least the best sprinters in Australia before they head to Victoria for races like the Group 1 Manikato Stakes (1200m) and Group 1 Darley Classic (1200m).
Chautauqua is an almost certain starter if he comes through his autumn racing campaign without injury and Malaguerra is likely in the same boat, while the likes of Astern, Flying Artie, Spieth, Extreme Choice and Star Turn could contest the race if they are not retired to stud before the start of the breeding season and already feature highly in futures The Everest betting at Ladbrokes.com.au.